How is the Average Monthly Balance (AMB) requirement calculated for savings account?
Average Monthly Balance is calculated by dividing the sum of all ‘End of Day’ balances in a month by the number of days in that month.
Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.
Please refer the following illustration for the calculation of AMB.
Sample Bank Statement:
Sr. no.
|
Date
|
Narration
|
Withdrawal
|
Deposit
|
Closing balance
|
1
|
January 1st, 2012
|
Opening Balance
|
|
|
Rs. 10,000/-
|
2
|
January 10th, 2012
|
ECS Credit-VD
|
|
Rs. 10,000/-
|
Rs. 20,000/-
|
3
|
January 16th, 2012
|
Cash Withdrawal
|
Rs. 5,000/-
|
|
Rs. 15,000/-
|
4
|
January 25th, 2012
|
Cheque Deposit- MICR Clearing
|
|
Rs. 20,000/-
|
Rs. 35,000/-
|
5
|
January 28th, 2012
|
HPCL Petrol Pump POS 43860000000012
|
Rs. 1,000/-
|
|
Rs. 34,000/-
|
6
|
January 30th, 2012
|
Cash Deposit Mumbai
|
|
Rs. 9,000/-
|
Rs. 43,000/-
|
7
|
January 31st , 2012
|
Funds Transfer
|
Rs. 25,000/-
|
|
Rs. 18,000/-
|
AMB Calculation:
Sr. No.
|
Time Period
|
Calculation
|
Amount (Rs.)
|
1
|
EOD Balance from January 1st, 2012 to January 9th, 2012
|
Rs. 10,000/- x 9
|
Rs. 90,000/-
|
2
|
EOD Balance from January 10th, 2012 to January 15th, 2012
|
Rs. 20,000/- x 6
|
Rs. 1,20,000/-
|
3
|
EOD Balance from January 16th, 2012 to January 24th, 2012
|
Rs. 15,000/- x 9
|
Rs. 1,35,000/-
|
4
|
EOD Balance from January 25th, 2012 to January 27th, 2012
|
Rs. 35,000/- x 3
|
Rs. 1,05,000/-
|
5
|
EOD Balance from January 28th, 2012 to January 29th, 2012
|
Rs. 34,000/- x 2
|
Rs. 68,000/-
|
6
|
EOD Balance for January 30th, 2012
|
Rs. 43,000/- x 1
|
Rs. 43,000/-
|
7
|
EOD Balance for January 31st , 2012
|
Rs. 18,000/- x 1
|
Rs. 18,000/-
|
|
Total EOD balances for the month January 2012
|
|
Rs. 5,79,000/-
|
|
Divide by the no. of days in the month
|
|
31
|
|
Average Monthly Balance (AMB)
|
|
Rs. 18677.42/- |
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What is the ActivMoney facility?
Through this facility you can earn a much higher interest on your idle funds in the Savings Bank Account.
The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of funds requirements.
The advantages of this facility are:
- Higher rate of interest earned.
- You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances.
- Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level.
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Who can open a Savings Bank Account
To apply for Kotak Mahindra Bank Pro Savings Account, you should belong to anyone of the following categories
- Resident Indian (Sole or Joint Savings Account)
- Hindu Undivided Families
- Foreign Nationals Residing in India1
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How can I change my Home Branch?
Go to Get Help section in Website > Service Request > View All. Select Change of Home Branch Request. User to enter Login credentials and the OTP received. User can change the Home Branch at CRN level (all savings accounts) or at a savings account level.
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How can I know more about fees and charges applicable on my savings account?
You can get complete details about the fees and charge applicable on your savings account by referring the ‘Fees and Charges’ tab in the savings account section of our website.
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